Medical Transcription Services Market

Medical Transcription Services Market Outlook (2023 to 2033)

The global medical transcription services market was valued at US$ 49.0 Billion in 2022 and is expected to be valued at US$ 52.0 Billion in 2023.

During the 2023-2033 period of assessment, demand is expected to rise at a 6.2% value CAGR, likely to surpass a valuation of US$ 94.9 Billion by the end of the said forecast period.

Report Attributes	Details
Anticipated Base Year Value (2022)	US$ 49.0 Billion
Expected Market Value (2023)	US$ 52.0 Billion
Projected Forecast Value (2033)	US$ 95.0 Billion
Global Growth Rate (2023-2033)	6.2%
Market share of North America (2023-2033)	39%
Anticipated share of Asia Pacific Market(2023-2033)	28%
Prominent Players in The Global Market	Acusis Amberscript Aquity Solutions Caption First Daily Transcription Ditto Scribe Eccellente Services Pvt. Ltd. EHR Transcriptions GoTranscript InSync Healthcare Solutions Med-Scribe MTBC SmartMD Voxtab World Wide Dictation

Medical Transcription Services Market Revenue Analysis from 2018-2022 Vs Market Outlook for 2023-2033

Increasing awareness of medical documentation and its implementation by many healthcare professionals, hospitals, clinics, and healthcare institutes is driving the growth of the medical transcriptional services market.

To maximize operational effectiveness, enhance patient care quality, and reduce capital investment healthcare facilities adopt medical transcriptional services it also helps in maintaining records of patient care and treatment that include medical examination results, treatment plans, and pertinent data this is helpful to healthcare professionals.

As per market research and competitive intelligence provider Fact.MR, the market for medical transcription services witnessed a 4.1% CAGR from 2018 to 2022. In emerging economies, medical transcription services are increasingly being adopted to improve the quality of healthcare services and the growth of the industry.

Companies have started to use technology to improve their operations such as automation and digital system which are playing a significant role in boosting the global market for medical transcription services. These technologies are enhancing the efficiency, accuracy, as well as convenience of medical transcription services, which also contribute to market growth.

Medical transcription services are evolving at a faster pace to improve the. quality and efficiency of the transcription process and created an opportunistic space for new players in the global pathology services market

Prominent Growth Drivers Influencing the Medical Transcription Services Market

Technological Advancement in Transcriptional Services to Boost the Market Growth

The growing launch of medical transcriptional services is expected to propel the growth of the medical transcriptional services market over the forecast period. Medical transcription services are high in demand owing to the increasing demand for effective solutions from various healthcare centers.

• For instance, Amberscript introduced software that uses speech recognition technology to convert speech into text very easily, very quickly, and automatically. The engines can convert professional audio recordings into written text with 95 percent accuracy.

Technological advancements such as voice recognition, artificial intelligence, and machine learning are being widely used in healthcare technologies for the improvement of treatment outcomes and clinical documentation. Thus, the increased use of AI-powered voice recognition solutions over traditional ones drives the market during the forecast period.

Rise in The Prevalence of Chronic Diseases and Increased Demand for Medical Records to Drive the Market Growth

The increase in the prevalence of several chronic diseases has consistently contributed to a rise in the number of medical records created in clinics. The increasing knowledge among businesses about the benefits of preserving data in electronic health records is driving the medical transcription services market

The increasing patient pool increased in the number of surgical procedures performed and the rapidly increasing healthcare infrastructure are the factor responsible for the growth of medical transcription services. The increase in government initiatives and increase in the geriatric population and the availability of different cost-effective software are driving the growth of medical transcription services.

Also, the increased trend of novel recording system which combines audio recorder and speech recognition bodes well for market growth.

Which Market Challenges Are Hampering Medical Transcription Services Market Sales?

The high cost of services may hamper the market growth

Despite the growing popularity of medical transcription services, various factors are likely to pose a threat to the growth of the  market during the forecast period.

The stringent government scenario is expected to hinder market growth as a service provider needs to deal with various state, federal, and government regulations. For instance, in the U.S. Health Insurance Profitability and Accountability Act (HIPAA) dictates many aspects of medical record handling.

Limited awareness in developing regions and a lack of skilled workforce, the high cost associated with technologically advanced medical transcription services are expected to restrain the market growth.

Comparative View of Medical Transcription Services Industry

Medical Transcription Services Market :

Attributes	Medical Transcription Services Market
Growth Factor	The increasing awareness about the benefits of electronic patient record keeping is likely to boost the market growth throughout the forecast period.
Opportunity	Rising investment in healthcare in developed countries and market penetration of key manufacturers in the developing region are expected to provide opportunities for the growth of the medical transcription services market.

Medical Transcription Software Market :

Attributes	Medical Transcription Software Market
Growth Factor	The increasing demand for digital documentation in numerous areas of healthcare, as it facilitates the treatment and management is likely to drive the medical transcription software market.
Opportunity	The increasing awareness of the benefits of digital health technologies, leading to a rise in the usage of solutions such as medical transcription software is likely to drive the demand for medical transcription software in the upcoming time.

Healthcare Consulting Services Market :

Attributes	Healthcare Consulting Services Market
Growth Factor	Increasing world aging population continual technological breakthroughs in healthcare are the factors improving the growth of the healthcare consulting services market.
Opportunity	Technological advancement in medical services and increased demand for effective realistic solutions are factors fuelling the market growth in the coming years.

Regional Outlook

What is the outlook of the North American Medical Transcription Services Market?

The Rising Importance of Clinical Documentation in The Region Drives Market Growth

According to Fact.MR, North America is the fastest-growing market region, accounting for 39% of the market share in 2023, and is expected to maintain its dominance during the analysis period. Additionally, regional growth can be attributed to the factors such as the increasing demand for clinical documentation, technical advancements in product offerings, emphasis on retaining health information in structured formats, and regulatory restrictions.

The U.S. is the leading medical transcriptional services market due to increased medical documentation in the U.S. the use of transcriptional services in the US is high as an effect of the passing Patient Protection and Affordable Care Act. Also, many healthcare professionals availing medical transcriptional services are domiciled in the U.S., thus increasing the scope of inshore outsourcing. U.S. is expected to grow at a CAGR of 5.7% over the forecast period.

What is the demand outlook for Medical Transcription Services in Europe?

The presence of an advanced healthcare system will accelerate the medical transcription services in the region

According to Fact.MR, the Europe market is expected to account for 21% of the market share in 2023 and is expected to accelerate during the forecast period. Europe the market for medical transcription services is anticipated to demonstrate lucrative growth during the forecast period owing rising importance of clinical documentation and technological advances.

• For instance, in October 2022 - Lexacom announced the launch of a unique development in medical speech recognition technology, with the addition of Comprehension Engine® to Lexacom Echo. The major factor contributing to the growth of this region is the policies that support the adoption of medical transcription services and the availability of infrastructure with high digital literacy.

How do Growth Prospects for Medical Transcription Services Appear in the Asian Market?

Technological advancement in the region to boost the market growth

The Asia market, which includes East Asia and South Asia & Oceania, is expected to account for 28% of the market share in 2023 and is expected to accelerate during the analysis period.

The Asian medical transcription services market has witnessed a high market share in the global market due to the high adoption of technological advancements. Countries in the Asia Pacific are focusing more on the medical transcriptional service industry rather than on using medical transcriptional services.

As governments in the countries like India, and China, are providing subsidiaries, incentives, and cost benefits in internet services and tax benefits for infrastructure required for the setup of medical transcriptional companies and developing skilled manpower, and improving technology.

Category-wise Insights

By Service Type, which Is the Most Prominent Segment in the Medical Transcription Services Market?

Consultation Reports to account for the Maximum Revenue Share

Based on services, the consultation report segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a market share of 34%. Consultation reports is an important of the “Big Four” reports in medical transcription work, and is typically requested by a primary care physician from a specialist for an expert opinion regarding a particular diagnosis or illness.

Consultation reports are important because it provides vital information regarding the evaluation of a patient’s overall health, the consultant’s evaluation of that patient, and the health condition and consultant recommendations. Based on said recommendations, doctors may prescribe the appropriate course of treatment.

By Mode of Procurement Which Segment Accounts for the Highest Revenue in the Medical Transcription Services Market?

Outsource segment to gain a significant traction

Based on the mode of procurement the medical transcription services market is segmented into outsource, off-source, and others. Among all these outsource segment remains the top mode of procurement category expected to expand with a market share of 47% throughout the forecast period.

Developing in-house manpower capable of transcribing medical information with accuracy along with developing and maintaining infrastructure for medical transcriptional services is costly. Thus many healthcare professionals outsource their transcription job to save time and resources. This is the major factor driving the outsourcing segment growth.

On the other hand, a market share of 31% is projected for the off-source segment by Fact.MR until 2033. The growing emergence of advanced testing techniques and equipment has led to the growth of the diagnostic laboratories segment.

Start-Ups for Medical Transcription Services Market

The start-ups in the medical transcription services market are indulging in collaboration and continually making innovations in the procedures to further make it convenient and cost-effective for the population.

Some key start-ups in the medical transcription services market include -

• Founded in 2017 - eCareNotes offers speech recognition software for medical transcription. The platform provides real-time conversion of speech to text and tools to edit and finalize the drafts. Target customers are physicians and transcription service providers. It also, provides document management and workflow management platforms and on-demand transcription services.
• Founded in 2000 - Global Medical Transcription (GMT) provides technology solutions for the medical transcription industry. Its flagship product GMT Mobile allows healthcare providers the ability to dictate using their Apple iOS or Android device and offers an ability to view their schedules. Can be interfaced with any Electronic Medical Record Vendor, the app identifies and implements strategic tactics to enhance growth and assist in workflow strategies. The app is available on both Android & iOS platforms.
• Founded in 2002 - Intivia is a provider of an EMR and Practice Management system, Medical Transcription service, and Revenue Cycle Management service to healthcare facilities throughout the United States. They were acquired by MD On-Line (MDOL) in 2012. MDOL was looking to extend Intivia's EMR and PM offerings to those customers currently without a practice management system, while Intivia's medical transcription and revenue cycle management services were made available to all MDOL provider
• Medical Transcription provides medical transcription and speech recognition solutions. The company provides services like real-time online transcription and integration with existing or planned health information systems. The company offers its services to multi-facility health systems, single hospital departments, radiology centers, and physician groups.

Competitive Landscape

Examples of some of the market participants in the global medical transcription services market identified across the value chain include Acusis, Amberscript, Aquity Solutions, Caption First, Daily Transcription, Ditto Scribe, Eccellente Services Pvt. Ltd., EHR Transcriptions, GoTranscript, InSync Healthcare Solutions, Med-Scribe, MTBC, SmartMD, Voxtab, World Wide Dictation among others.

Leading market players are making strategic investments in technological innovation and R&D initiatives to increase service quality. To achieve a substantial market share in the worldwide medical transcriptional services market and strengthen their position, service providers are pursuing expansion methods such as current developments, mergers and acquisitions, collaborations, and partnerships, joint ventures.

Some of the development is as follows -

• In March 2022 - Aquity Solutions, a leading provider of virtual solutions for real-time clinical documentation, medical coding, and mid-revenue cycle offerings today announced the acquisition of Pittsburgh, PA-based Acusis. The purchase expands AQuity’s scope of solutions to now include Practice Management, Tumor Registry, Medical Billing, and Collection services.
• In February 2023 - CareCloud, Inc. announced the integration of Medicomp System’s Quippe Clinical Data Engine into its electronic health record (EHR) platforms, ensuring that patient- and problem-specific clinical data is available to physicians of various specialties at the time of patient treatment.
• In December 2021 - Qualifacts?+ Credible, a leading provider of electronic health record platforms?for behavioral health and human services organizations, announced the acquisition of InSync Healthcare Solutions.

Key Segments Covered in Medical Transcription Services Industry Report

• By Service Type :

  • Consultation Report
  • History, and Physical report
  • Operative Note or Report
  • Discharge Summary
  • Others

• By Mode of Procurement :

  • OutSource
  • OffSource
  • Both

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Middle East & Africa